QuoteReplyTopic: Bonuses for bankers Posted: February 28 2013 at 04:48

The EU has agreed a cap on bankers bonuses, limiting such payments to a miserly 1 years salary.

http://www.bbc.co.uk/news/business-21608938

^^^ Sorry, not able to post links today..

This is clearly a difficult time for bankers, but thankfully the UK government is showing compassion by opposing this cap, saying it would make the City of London uncompetitive. Our government of chinless horse fiddling aliens, proves once again they bear no relationship to reality and does not reflect the will of its people.

But reality aside, I would like you to all take a moment to spare a thought for the investment banking industry and all the good work it does, with it's huge derivtive bubbles, sub prime mortgage criminal Ponzi schemes and other such products that no one really understands. Remind yourself that despite the fact that they have effectively bankrupted the western world, and subsequently, like a cancer sucked financial nourishment from their respective governmental hosts, leaving a trail of austerity and political instability in their wake, they too are human and to take away their rewards for failure and corruption is a clear breach of their human rights. Please write to your MP, or congressmen today and pledge your support for this poor forgotten class of people, and if possible donate your home, your savings and maybe at least one of your children to them. They too are human. Don't forget this.

Call this number now to donate the shirt off your back: 0800 666......etc

I would like you to all take a moment to spare a thought for the investment banking industry and all the good work it does, with it's huge derivtive bubbles, sub prime mortgage criminal Ponzi schemes and other such products that no one really understands. Remind yourself that despite the fact that they have effectively bankrupted the western world, and subsequently, like a cancer sucked financial nourishment from their respective governmental hosts, leaving a trail of austerity and political instability in their wake, they too are human and to take away their rewards for failure and corruption is a clear breach of their human rights.

I really appreciate where you're coming from Andy - you've listed a lot of their good works, but in addition to all that, they still find time to assist the reconstruction of the western banking system by fixing the LIBOR rates & mis-selling products in order that they're guaranteed a future drain on their resources by way of hundreds of millions in compensation.

I would like you to all take a moment to spare a thought for the investment banking industry and all the good work it does, with it's huge derivtive bubbles, sub prime mortgage criminal Ponzi schemes and other such products that no one really understands. Remind yourself that despite the fact that they have effectively bankrupted the western world, and subsequently, like a cancer sucked financial nourishment from their respective governmental hosts, leaving a trail of austerity and political instability in their wake, they too are human and to take away their rewards for failure and corruption is a clear breach of their human rights.

I really appreciate where you're coming from Andy - you've listed a lot of their good works, but in addition to all that, they still find time to assist the reconstruction of the western banking system by fixing the LIBOR rates & mis-selling products in order that they're guaranteed a future drain on their resources by way of hundreds of millions in compensation.

[edit]

BTW - Alan; if you read this - none of this is aimed at you.

A lot of what they do is actually criminal in real terms. Fixing LIBOR rates is fraud. Sometimes you just have to call these things out for what they actually are and not what the BBC or our politicans like to spin them as. Then of course there's HSBC laundering money for Mexican drug cartels. All on record. All admitted. The media furore should be deafening - and ongoing - and heads should be rolling left right and centre, but no. A few fines here and there. A bit of a ticking off and a bit of an apology now and then. A few stern words about 'what we can learn' etc etc,and round it all goes.

What do you call an organisation that operates above and beyond the law with impunity (unless it's politically expedient to hang some hapless individual out to dry)? You call it 'the establishment'

The question of bonuses for bankers could be asked about nearly any profession with high responsabilities AND high salaries AND low morality. In fact, from my point of view, there should be no bonuses for anyone, except collective bonuses at the end of the year.

They really f*cked a lot of the world. I mean, worldwide about a hundred million people in the world lost their jobs and some in wealthier countries can't even find a half-decent job. I think some of them should be given an unfair trial just like the unfairness they gave us over the last 5 years for this piss economy where our wages are a lot lower.

I would like you to all take a moment to spare a thought for the investment banking industry and all the good work it does, with it's huge derivtive bubbles, sub prime mortgage criminal Ponzi schemes and other such products that no one really understands. Remind yourself that despite the fact that they have effectively bankrupted the western world, and subsequently, like a cancer sucked financial nourishment from their respective governmental hosts, leaving a trail of austerity and political instability in their wake, they too are human and to take away their rewards for failure and corruption is a clear breach of their human rights.

I really appreciate where you're coming from Andy - you've listed a lot of their good works, but in addition to all that, they still find time to assist the reconstruction of the western banking system by fixing the LIBOR rates & mis-selling products in order that they're guaranteed a future drain on their resources by way of hundreds of millions in compensation.

[edit]

BTW - Alan; if you read this - none of this is aimed at you.

A lot of what they do is actually criminal in real terms. Fixing LIBOR rates is fraud. Sometimes you just have to call these things out for what they actually are and not what the BBC or our politicans like to spin them as. Then of course there's HSBC laundering money for Mexican drug cartels. All on record. All admitted. The media furore should be deafening - and ongoing - and heads should be rolling left right and centre, but no. A few fines here and there. A bit of a ticking off and a bit of an apology now and then. A few stern words about 'what we can learn' etc etc,and round it all goes.

What do you call an organisation that operates above and beyond the law with impunity (unless it's politically expedient to hang some hapless individual out to dry)? You call it 'the establishment'

I mean have you read the origins of HSBC, I mean the bank was set up for the drug business.

I would like you to all take a moment to spare a thought for the investment banking industry and all the good work it does, with it's huge derivtive bubbles, sub prime mortgage criminal Ponzi schemes and other such products that no one really understands. Remind yourself that despite the fact that they have effectively bankrupted the western world, and subsequently, like a cancer sucked financial nourishment from their respective governmental hosts, leaving a trail of austerity and political instability in their wake, they too are human and to take away their rewards for failure and corruption is a clear breach of their human rights.

I really appreciate where you're coming from Andy - you've listed a lot of their good works, but in addition to all that, they still find time to assist the reconstruction of the western banking system by fixing the LIBOR rates & mis-selling products in order that they're guaranteed a future drain on their resources by way of hundreds of millions in compensation.

[edit]

BTW - Alan; if you read this - none of this is aimed at you.

Thanks Jim, I entirely agree anyway.

btw - I'm not a banker, I'm an IT technician who happens to work for a Bank.

I would like you to all take a moment to spare a thought for the investment banking industry and all the good work it does, with it's huge derivtive bubbles, sub prime mortgage criminal Ponzi schemes and other such products that no one really understands. Remind yourself that despite the fact that they have effectively bankrupted the western world, and subsequently, like a cancer sucked financial nourishment from their respective governmental hosts, leaving a trail of austerity and political instability in their wake, they too are human and to take away their rewards for failure and corruption is a clear breach of their human rights.

I really appreciate where you're coming from Andy - you've listed a lot of their good works, but in addition to all that, they still find time to assist the reconstruction of the western banking system by fixing the LIBOR rates & mis-selling products in order that they're guaranteed a future drain on their resources by way of hundreds of millions in compensation.

[edit]

BTW - Alan; if you read this - none of this is aimed at you.

I don't think they plan on fixing the Western banking system anytime soon. Too much profits to be made... Only once most of the people start waking up, this can be fixed...

Bankers need and deserve our full support. They have rough lives of privation and hunger yet they manage to put greed aside in benefit of all their charitable work for the masses. How horrible you people are talking about these seraphims on Earth without your full respect.

Anyway, the dubious activities of HSBC are the tip of the iceberg. The dubious trading of institutions such as Goldman Sachs, Lehmen Brothers and J.P Morgan Chase in relation to the derivatives market would make your head spin. Just as government turned a blind eye to mafia operations for years, they have extended the same courtesy to these institutions, occasionally hanging some fall guy, like Madoff out to dry.

Banking was a more or less respectable business in its origins, when people having money lent it in exchange for a return with interest (and vice-versa).

Nowadays it has become a business where they lend money they do not have, the whole economy is built on money or wealth which does not yet exist, only on the expectation (or rather, hope) that it will exist in the future. This is what makes the modern financial world an irresponsible risk to the rest of the society.

I think the reason why the government lets the banks off of the hook, cause they pretty much provide the government with a free ride... I mean look at the debt spending binges of countries like the US, the UK, Germany, Japan and China.

I think the reason why the government lets the banks off of the hook, cause they pretty much provide the government with a free ride... I mean look at the debt spending binges of countries like the US, the UK, Germany, Japan and China.

Yes but again, if they bought all that sovereign debt with money they have that would be quite legitimate, the problem is that they buy debt with money they do not actually have.

Last year, with most of the Spanish banks bordering bankrupcy which was strangling Spanish economy to death because companies could not receive financing from the banks (caused by a crazy real-state bubble which is not the purpose to discuss here), the EU Central Bank finally provided an injection of capital for 40 billion euro to re-capitalise the Spanish banking sector. What has happened? Since the interest of the Spanish debt is very high (around 6%) the banks are using the money they received to buy Spanish debt instead of pumping it into the real economy. The economy is not moving at all because the companies do not yet get any financing from the banks, a relatively safe and attractive 6% interest from the Spanish government is more interesting than lending money to a company which who knows if they will make profit or losses. The government is happy because they can show decreasing risk premium figures but it's all a masquerade quite removed from real economy. A lot of money pumped in but not to boost real economy, just to make 'the investors' quiet and safe.

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